The London Stock Exchange’s junior market is set for a makeover this month.
Warpaint London, a cosmetics business, has announced plans to float on the Alternative Investment Market (Aim).
Founded in 1992, the company’s flagship brand is W7, which was launched in 2002 and named after its founding postcode in west London.
W7 sells more than 500 items to high street retailers and independent beauty ships across the UK, Europe, Australia and the US.
Warpaint is expecting to raise £23m from the initial public offering (IPO) of shares priced at 97p, giving the company a market capitalisation of £62.6m.
The company reported revenues of £22.3m in 2015, up from £17m in 2014, and earnings before interest, taxation, depreciation and amortisation (Ebitda) of £5.5m, an increase from £4.2m.
Warpaint is scheduled to float on Aim on 30 November.
Co-founders and joint chief executives Sammy Bazini and Eoin Macleod said in a statement:
We believe that the appetite for the investment case is strong and we look forward to welcoming new shareholders to the company.
The capital raised and Aim listing will help increase the business’ profile, as well as enable us to further the development of our W7 brand and growth strategy.